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CCR files for new share offering

Bnamericas
Brazilian highway concessionaire holding Companhia de Concessoes Rodoviarias (CCR) has filed a request with the country's securities regulator (CVM) for a new share offering worth 300mn reais (US$104mn). CCR must issue more shares in adherence to the more stringent corporate governance rules for listing on Bovespa's Novo Mercado index. The company has until February 2005 to have a minimum of 25% of its capital traded on the bourse, up from its current 16%. The proceeds would be used to acquire new concessions or to participate in the federal government's new highway concessions round slated to begin this year, Gazeta Mercantil quoted Espirito Santo Securities analyst Monica Araujo as saying. Geracao Futuro analyst Wagner Salaverry quoted by Valor Economico shared this same view. But a CCR spokesperson would not comment on the analysts' remarks when contacted by BNamericas, explaining that they are independent observations and that the company has not publicly said where the share issue proceeds would go. CCR controls Rodonorte (481km highway in Parana state), Autoban (239km Anhanguera-Bandeirantes system that connects metropolitan Sao Paulo with Sao Paulo state's interior), NovaDutra (407km Presidente Dutra highway that connects Rio de Janeiro and Sao Paulo's metropolitan regions), Ponte SA (13km bridge and access roads that crosses Guanabara Bay connecting cities Rio de Janeiro and Niteroi) and Via Lagos (highway system in Rio de Janeiro state). Camargo Correa, Andrade Gutierrez, Brisa and Serveng control CCR.

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